Recap of June 1: Summer Rally or Summer Bummer?

Neil was joined by Jim Rogers, president of JimRogers.com; Alexandra Lebenthal, president of Lebenthal & Company; Meredith Whitney, senior vice president with Wachovia Securities, and New York Republican Congressman Peter King, author of Deliver Us From Evil.

Summer Rally or Summer Bummer?

Ready for a summer rally? Aren't we all! On average the Dow jumps more than 9.5 percent during the summer season but the world is literally a powder keg in a scarier way than usual. Will this hold back any summer spike?

Jim Rogers says most stocks wont rally this summer because of overvalues and too many worries. He likes Phelps Dodge (PD).

Alexandra says this could be a rally if we don’t get many profit warnings or terror threats. She likes Charles Schwab (SCH).

Meredith Whitney says not to expect a rally. There are too many worries out there!

Congressman King says business is back to normal and Washington is providing a level of stability.

Create Separate Anti-Terror Agency?

Big plans from the FBI last week to change how it fights terror. But is there a much better way to make us safer, the stock market more secure and give all of us more for our money?

Congressman King says the FBI has been terribly deficient and their whole mindset has to change.

Jim says the last thing we need is another agency. He says to promote good agents, fire the rest!

Alexandra says let the FBI do its job and let Homeland Security coordinate all agencies.

Meredith says a new agency would only create more red tape and waste more tax dollars.

Paul Rancatore, deputy chairman for the Security Committee of the Coalition of Airline Pilots Association says airlines have been losing millions since September 11 and if they don’t get help from the government ASAP it will hurt economic recovery!

FOX on the Spot

Jim says rock star Bono and Treasury Secretary Paul O’Neill’s African tour will cause government to waste more tax dollars on the region!